The Economic and Financial Crimes Commission (EFCC) has arraigned Jesam Michael before a Federal High Court in Abuja on charges related to a multimillion-naira investment scam.
Michael, founder of Afriq Arbitrage System (AAS), was brought before Justice Inyang Ekwo on multiple counts bordering on obtaining money under false pretence and operating a Ponzi scheme.
The EFCC alleged that Michael lured unsuspecting investors with promises of high returns through a cryptocurrency arbitrage platform, only to divert the funds for personal use. According to investigators, over ₦2 billion was fraudulently collected from thousands of Nigerians before the scheme collapsed.
At the arraignment on Friday, Michael pleaded not guilty to the charges. Prosecution counsel urged the court to deny bail, citing concerns about the defendant’s influence and the risk of fleeing the country.
Justice Ekwo subsequently ordered that the accused be remanded at Kuje Correctional Centre pending the hearing of his bail application, which was adjourned to a later date.
The EFCC has reiterated its commitment to protecting citizens from fraudulent investment schemes and has urged victims to come forward with relevant evidence.
Michael’s arrest and prosecution come amid growing concerns about the surge in digital investment fraud across Nigeria.
